The solution manages the remediation process from initial importation or integration of client and counterparty data (from external data providers to client data held in-house) all the way through to data / documentation collection and entity classification with both local and global regulations.

This represents a huge amount of time and effort for compliance and data management team, saving them from having to complete several remediation projects to support separate compliance streams. In addition, Fenergo’s rules-driven process increases overall risk management by reducing dependency on a personal knowledge-based process and introduces control points into the process stream.

2. Reduce the overall cost of compliance through automation and efficiencies.

By automating the remediation and data collection processes, financial institutions can reduce the cost and duration of remediation projects.

With an enriched, up-to-date and accurate client / counterparty profile, financial institutions are empowered to re-use this information to support revenue generating campaigns through upsell and cross-sell opportunities.

Our main ambition is to streamline the end-to-end client lifecycle management process – from onboarding to regulatory compliance to lifecycle reviews – for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe

Emma Rey Gállego
Head of Customer Experience-Onboarding in CIB BBVA

We selected Fenergo’s Client Lifecycle Management software to enable us to manage the CDD / KYC processes from client onboarding to client off-boarding and all the KYC / CDD compliance and lifecycle events (periodic and event-driven reviews) that occur in between. A core part of our business transformation program will involve creating an internal centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulatory KYC activities. Fenergo is the technology platform that will underpin this initiative.

In this paper, Joe Dunphy, Fenergo’s VP Product Management, explores the role that KYC periodic reviews has to play in the levying of fines in this area and contends that the big problem with KYC is KYD (Know Your Data).